MyFICO TU98 vs Lender Pull TU

MyFICO TU98 vs Lender Pull TU

Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

Re: MyFICO TU98 vs Lender Pull TU

frugalQ wrote:

Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

A lot of people have reported large variances with TU98 and TU04, I'm glad that this one worked out in your favor

Re: MyFICO TU98 vs Lender Pull TU

frugalQ wrote:

Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

I experienced the same thing! On 6/7 my TU98 was 698 but the mortgage lender pull was 731. It made a 1% difference on my down payment assistance product.

Re: MyFICO TU98 vs Lender Pull TU

pizzadude wrote:

frugalQ wrote:

Good morning Forum,

I got the myfico TU98 score today, and it is listed at 655. I am refinancing my house, and my mortgage lender TU score was 699....which is a 44 point jump. I am sooo thankful that the mortgage company does not use the same scoring model that myfico does. My middle score would have been in the 650's if they had used TU98 (either TU or Equifax). However, at it stands, my middle score is 678 (Experian).

This goes to prove how important utilization is when calculating your FICO score. With TU98, my utilization is 28%, but when Amex is not factored in, my utilization is 15%.

A lot of people have reported large variances with TU98 and TU04, I'm glad that this one worked out in your favor

Good luck with your refi - what interest rate are you looking at ?

3.875% with the lender paying 1 point....i guess i'm saying that correctly. I have an FHA mortgage, and i'm taking advantage of the new FHA streamline refi program that just went into effect last week.

Re: MyFICO TU98 vs Lender Pull TU

Before the rules changed on 6/11, it would not have benefited me to do the streamine refi because the additional MI cost would have taken away over half of P&I savings. But the reduction in the MI rates has turned out to be huge for me. The reduction in the upfront MI cost alone dropped my closing costs by nearly $2k. And my monthly MI is staying the same which will allow me to see the full P&I savings. On top of that, my property tax is decreasing (again), so im hoping my escrow payment will also reduce.

I anticipate that I'll recoup my closing cost in about 3 months.

Since I'm underwater on my loan and won't be able to sell anytime soon, I may as well take advantage of the new insurance rules.

What's interesting is that for FHA streamine refi, FHA doesn't require a credit score or income...but the banks rules override.

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FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.